Virginiak,
Yes, the company is dirty definitely but certainly not cheap. Why? If the appeal goes against CMQ, it is almost certain liquidation and shareholders will be left with nothing. A punt on the roulette wheel may bear better odds!
If in the unlikely event CMQ wins the appeal, the bondholders may appeal the decision. Even if nothing happens the bond are due for redemption in Feb 2008. The court case revealed the product is overpriced and not the magic bullet David Williams want you to believe. With no sales and uncertaintly you have to wonder what the IFCA deal was all about. Read Nockname's post and you have to wonder why it was strangely structured with so many uncertainties!
In addition it revealed the incompetence of management to create shareholders wealth (destroying shareholders' wealth seem to be their expertise). They LIED that the SA contract achieved the desired price when in fact the whole contract was devised to satisfy the earlier Mizuho sale covenant.
Where the company is heading for under David Williams made Dr Melrose look like a management guru!
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